Former Snap employees have pooled capital into a new venture called Ghost Angels. Twenty alumni, including ex‑global partnerships head Max Rivera, launched the fund in 2025 to formalize their informal angel network. While the total raise remains undisclosed, the group already backs five startups and aims to allocate the remaining cash to at least 15 more companies within the next year.

Rivera runs the vehicle from Microsoft’s AI lab, but governance includes about 20 other founders and investors, some still at Snap and others like former accelerator lead Alexandra Levitt and product pioneer Will Wu. The roster blends senior executives with early‑career talent, a mix Rivera says fuels diverse deal‑sourcing and founder support. Their collective Snap experience gives them unique insight into platform dynamics.

The fund targets pre‑seed to seed AI startups building the next generation of social and consumer media. Rivera notes founders now experiment with subscriptions, token‑based and outcome‑based monetization, and lean teams iterate publicly. By backing AI‑driven creative tools and niche community platforms, Ghost Angels hopes to capture value as the traditional ad‑heavy social model loses appeal.